Exposition The characters in "The Gift of The Magi" are Della and Jim living in the 1920's.
Inciting Incident/Conflict Would be that they are poor and Christmas is coming up.
Rising action That they would have to make a sacrafice by giving something up to buy a present for eachother.
Crisis/Climax The climax would be when they make a sacrafice by cutting her hair to sale it to get money so they can give to each other because of the money they have.
Falling Action Would be that Della bought Jim a chain for his watch with the money she got from selling her hair but Jim had already sold his watch to buy Della a gift.
Resolution The Resolution would be when it occurs when Jim tells his wife they should "put our Christmas gifts away and keep them a while. They're too nice to use now", and that they love eachother no matter what happens.